Source: TFN by Abhinaya Prabhu
Rivero, a Swiss regtech specialising in digitalisation and automation of payment processes, has raised $7 million in Series A funding. The round was led by 6 Degrees Capital and Inference Partners, with participation from Kraken Ventures (also backed Shield and Rally in the past), Seed X Liechtenstein, the venture arm of PostFinance and angel investor and former COO of Adyen, Robert Kraal, together with many payment executives.
Rivero aims to simplify payment operations for the highly regulated industry, filling a gap in the market for fraud recovery, dispute management, and payment scheme compliance solutions.
Discussing the deployment of investments, Thomas Müller, co-founder of Rivero, emphasises, “The raised funds will be used to substantially accelerate our business development efforts across the relevant European markets and beyond. Additionally, it will enable Rivero to extend its product offering to issuing banks. We’re working towards serving a global customer base and helping issuers banks to tackle additional challenges beyond the scope of our current products.”
The founders of Rivero – Fatemeh Nikayin and Thomas Müller with experience in the financial industry faced challenges around card payment operations. Nikayin has a background in payments and research with international experience in consulting banking digitalisation projects while Müller has a background in cybersecurity and software engineering. They got to know each other working for a large issuing bank in Switzerland and founded the startup in 2019.
Inspired by this struggle, they came up with the idea of Rivero to solve challenges, especially the compliance requirements related to payment networks such as Visa and Mastercard.
Fatemeh Nikayin, co-founder, added, “This funding represents more than financial support; it’s a partnership with investors who understand and resonate with our vision and global ambitions.”
Read full article: https://techfundingnews.com/former-adyen-coo-backs-7m-funding-round-of-this-swiss-regtech-digitising-payments/
